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John Tamblyn - World Forum on Energy Regulation IV - Athens, Greece - October 18-21, 2009 A change in energy policy focus Original motivation for energy market liberalisation was competition and efficiency Now charged with delivery of a different policy objective –lower carbon emissions with efficiency and energy security Are existing market structures and frameworks consistent with the new policy agenda?

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John Tamblyn - World Forum on Energy Regulation IV - Athens, Greece - October 18-21, 2009 AEMC Review Directed to undertake a review on behalf of Australia’s council of energy Ministers Stress test of current market frameworks against ETS and 20% Renewable Energy Target Reported to Ministers last month, following 14 months of analysis and consultation Key findings: –many aspects of the framework appear resilient –but a number of changes are required